Which of the following is TRUE of the FDIC? A) It is an independent a

QUESTION

Which of the following is TRUE of the FDIC?

A) It is an independent agency of the federal government.
B) It insures only those deposits made in federal banks.
C) It currently insures individual depositors’ accounts up to $100,000.
D) It does not insure IRAs or other retirement accounts.
E) It covers mostly noncommercial banks.

ANSWER

Answer: A
Explanation: A) The FDIC is an independent agency of the U.S. government that insures bank deposits.